#el salvador

Bitcoin is now officially a legal tender in El Salvador. El Salvador is the first country in the world to adopt bitcoin as a legal tender, following President Nayib Bukele's proposal to Congress to adopt the cryptocurrency. In a report by Reuters, regardless of the concern about the potential impact on El Salvador's program with the International Monetary Fund, the proposal has been approved by the majority of the Salvadoran Congress. [embed]https://twitter.com/nayibbukele/status/1402507224916836352[/embed] President Bukele has promoted the use of bitcoin for its potential to help Salvadorans living abroad to send remittances home, while at the same time, the U.S. dollar will also continue as legal tender, as El Salvador does not have its own currency. Before the Congress' decision, Bukele mentioned that adopting the cryptocurrency would bring “financial inclusion, investment, tourism, innovation and economic development” to El Salvador. Additionally, Bukele also mentioned that he had instructed state-owned geothermal electric firm LaGeo to develop a plan to offer bitcoin mining facilities using renewable energy from volcanoes in El Salvador. He also mentioned that El Salvador would offer citizenship to people who showed evidence they had invested in at least three bitcoins, according to the Reuters' report. Read more in our articles including "Bitcoin is now legal tender in El Salvador" and "El Salvador President wants to make bitcoin legal tender".